Final data published by the National Institute of Statistics (ISTAT) showed that in May, consumer prices rose by 1.6% per year (the lowest value since February) after an increase of 1.9% in April. Economists expected growth of 1.7% per year, according to a preliminary estimate. Inflation remained below the European Central Bank's 2.0% target for the 20th consecutive month.
On a monthly basis, the CPI declined 0.1% after rising 0.1% in April. The preliminary report reported that the CPI remained unchanged. Consensus estimates suggested unchanged value.
The data also showed that in May, the harmonized index of consumer prices (HICP) - an indicator that allows to compare inflation in Italy with inflation in European countries - fell by 0.1% on a monthly basis and rose by 1.7% per year. In April, HICP increased by 0.4% over the month and rose by 2% per year.